1) number of colors involved with your submission?
#53 green,black #78 CMYK (cyan,magenta,yellow,black), a 4/c process
2) If your file wins, will I receive design as an .eps file? (and 3 jpegs as logotournament.com states) As Photoshop user this file type being available here was critical to my decision to open this tournament.
yes
3) Can the design be reduced to a thumb nail size and essential parts of design remain visible/legible ? (company name and design concept understood by glance)
yes. however, many companies use a symbol such as this lens as an attention-getter logo in combination with the name of the company on the side or below.
4) When using design in mediums of letterhead, email, facsimile, newspaper (this would need to be cmyk with 300 dpi) will the integrity of the design remain in tact?
absolutely